Turkish GDP grew by 11% in 2021

Turkish GDP grew by 11% in 2021

According to a recent statement from the Turkish Statistics Agency, the country's gross domestic product (GDP) grew by 11% in 2021. According to estimates in current prices, the figure reached 7.2 trillion liras (520.5 billion US dollars). At the same time, only in the fourth quarter, GDP grew by 9.1% compared to the same period last year.

In 2021, value added in the service sector increased by 21.1%. In the field of information and communication activities increased by 20.2%, in the industrial sector by 16.6%, in the field of administrative activities by 17.3%, and in the real estate sector by 3.5%.

In addition, according to the results of 2021, Turkey's export of goods and services increased by 24.9% compared to the same period last year, while imports grew by 2%.

Turkey was one of the few countries that was able to increase its figures for 2020. The reason for this was cheap loans. The success of 2021 was driven by the lifting of Covid-19 restrictions and the revitalization of the tourism sector.

Growth is expected to slow to 3.5% this year, driven by the depreciation of the lira against the dollar.